A tax deduction is something you claim in your tax return that reduces your assessable income, meaning you pay less income tax and therefore get a bigger tax refund (or reduce your tax bill). For a donation to be tax deductible, it must be for $2 or more and made to an organisation that is […]
Federal Government announces $27M in targeted relief funding for arts Australia’s Art and Music sector was one of the first to be hit by restrictions from the result of COVID19. Australia- wide we have seen venues close, various performances and shows cancelled and an unbelievable number of performers and support crews out of work. On […]
Tax deductible contributions made into super are known as concessional contributions and are subject to an annual limit (cap). Concessional contributions include those made by your employer under the super guarantee system, contributions made as part of a salary sacrifice, or personal contributions where you are entitled to claim a tax deduction. From 1 July […]
Every Self Managed Super Fund (SMSF) must have a trustee (or trustees), but you need to make a choice as to whether to have a corporate or natural SMSF trustee. One option is to have individual or “natural” trustees (i.e. the members). This comes with cheaper initial setup costs and marginally cheaper annual filing fees. The […]
From 1 July 2016 the rules are changing for SMSFs that hold collectables, and you might need to act soon to avoid some significant penalties (up to $1800 per breach). The rules apply where funds hold assets like artwork, jewellery, rare coins or sporting memorabilia. From 1 July 2016 the fund must document the decision […]
One way to diversify your self-managed super fund (SMSF) portfolio is investing in Artwork. Artwork includes paintings, sculptures, drawings, engravings and photographs. Some trustees find this asset class more attractive as it is generally less volatile than shares. Investments in Artwork held by SMSF’s must satisfy the ‘Sole Purpose Test’. The sole purpose of a […]
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